1) Discuss with illustrations 6 items chargeable under the head "Income from other Sources".

The 6 items chargeable under the head “Income from Other Sources” are: 1. Insurance commission: Mr. A, a B. Com. Graduate, is an LIC agent and sells policies. The commission he earns on selling the policies will be taxable under Income from Other Sources. 2. Dividend income: Mr. B an Indian resident and shareholder of XYZ Co. (based in USA) receives dividend on those shares. This dividend income will be charged under the head Income from Other Sources and will be fully taxable U/S. 115O of the Income Tax Act. 3. Winning from horse race: Mr. C. bets in horse racing. The amount he wins in horse racing is classified as Income from Other Sources 4. Tuition fees: Mr. D takes tuitions for M. Com. Students in his spare time. The fees he earns will be classifies as Income from Other Sources since it is not his profession to teach students and he is undertaking it only out of his interest. 5. Royalty: Mr. E is a scientist and has patented many medicines that he has invented in his name. He earns royalty income from medicine manufacturers who use his formula. This will be taxable under Income from Other Sources. 6. Gifts: Mr. F received Rs. 75,000 on occasion of his birthday from his friends. This will be classified as Income from Other Sources.

YOU MAY ALSO FIND THESE DOCUMENTS HELPFUL

...Incomeunder the head “INCOMEFROMOTHERSOURCES”
“Incomefromothersources” is the last head of income specified under section 14.While section 56 defines the scope of incomechargeableunder this head, section 57 and 58 specify the basis of computation of such income.
Basis of Charge:-
Incomefromothersources is the last and residual head of income. It covers any income, which does not fall under any otherhead of income. In other words, the following conditions should be satisfied –
a) There is an income
b) That income is not exempt from tax under sections 10 to 13A.
c) That income is neither salary income, nor rental incomefrom house property, nor incomefrom business/profession, nor capital gains.
If the above mentioned conditions are satisfied, income is taxable under section 56(1) under the head “Income...

...Any income which is not chargeable to tax under Section 15, 22, 28, or 45, will be chargeable to tax as IncomefromOtherSources (IFOS) i.e. any income not taxable under the headIncomefrom Salary, House Property, Business/Profession or Capital Gains, is chargeable to tax as IncomefromOtherSources.
Section 56 (2): Under Section 56 (2), the items that are mentioned as taxable under this head are as follows:-
1. Interest on Securities, provided Securities are held as Investment and not as Stock-in-trade. (If they are held as Stock-in-Trade, then interest therefrom will be chargeable to tax as incomefrom Business or Profession and not as incomefromOtherSources).
2. Rent from Letting out of Plant & Machinery, Furniture.
3. Composite Rent (Combined Rent) from Letting out of Building, along with Plant & Machinery or other assets. For e.g.: Composite rent from letting out of a Cinema Building together with chairs, projectors and other furniture will be entirely chargeable as...

...
In today’s society, humans are quick to judge others based on what they believe. Communities tend to negatively view people who are different and do not fit into their own norms. All cultures have norms but they have differences that do not adapt with the dominant core culture in the United States. How we create the other is from our beliefs, values, and behaviors. If other people do not fit into a certain structure, we often have assumptions against them.
Growing up in a particular neighborhood related with gang influences and doing graffiti is usually not accepted by many people. In Ruben Martinez’s essay “Going up in LA”, he shows the community of the graffiti artists and how they get discriminated for what they do. Graffiti artist Phoe describes writing as a community because it is a source of communication with other writers all over the city (Pg 104 ¶ 14 ). This community uses this form of art to express their feelings, thoughts, and messages in public. They compose their own culture together by having a passion for “bombing” around town with their meaningful pieces. Writers from the Eastside state that when they do graffiti they are being blame for vandalism but when whites do it is called art (Pg 106 ¶ 23 ). There is a distinction based on race and class which irritates most eastside writers. They do come from poor neighborhoods and low class...

...﻿Neel Patel
‘Six Feet Under Pilot’
It tells a family story who owns a funerary and has to face death daily because that’s their job. Ironically, the father of the Fisher family and owner of the business dies driving one of the business cars. It starts showing how dysfunctional the family is and how each member has problems. The show is filled with silences, tense atmospheres therefore its genre it’s dramatic. It’s a show where you have to pay close attention to small details to find the greatness and the toughness of the script. The show is slow and unexpected as death is.
The pilot of the show is a premise pilot. It sets the story in motion: the violent death of Nathaniel Fisher and funeral care it’s received from the company he owned that has his name and his children’s.
We can describe the tone of the pilot episode by one of the first scenes of it. This scene begins when David (one of the main characters) is giving company to an old man who just became a widower. They are both steering at his death wife and the client is congratulates David for the fine job they did with the death body. David replies saying “well, she is at peace now.” The old man replies saying “If there's any justice in the universe, she's shoveling shit in Hell.” Clearly from the beginning we can tell that it’s dramatic but includes some comedy and tragedy elements. It involves a dark sense of humor to minimize somewhat death.
We can tell that the...

...Learning FromOthers
By: Me!
There is something I have observed as I have grown, and that is, if we value our own lives and generations after us, we must learn fromothers to better our future. There are many things from which we can learn throughout our lives. In particular, we can learn from the past, present, and our future generations.
In the past we have had many horrific tragedies including the Holocaust which occurred during World War II in 1945, and the bombing of Hiroshima in 1945. The pain and suffering that the Jewish people had to endure while they were in concentration camps during the Holocaust was immeasurable. They were included in experimental drug testing which had life threatening effects. They had to go through the pain of being separated from their family members and friends. Also, nobody can possibly forget about the Nazi gas chambers which killed millions upon millions of innocent Jewish people. The bombing of Hiroshima was also another terrible tragedy. We can learn from the pain which the people in Hiroshima had to endure. There is not one humane reason why these people had to be bombed with a nuclear device. The only reason America bombed Hiroshima was because Japan attacked Pearl Harbour. It was not self-defence. It was a chain reaction. We, the world as a whole, must never bomb each other with nuclear...

...Learning fromOthers
Most people want their children to have more than they did or at least the same type of upbringing that they believe made them the type of person they are but some parents have begun to question which things should be important. Over scheduling children's lives has become an issue that individuals, families and others have been exploring as many parents find they are so involved in shuttling their children to activities that they have little time to really interact as a family. Over the last year or so, I have watched a friend of my mom's struggling with this issue. She was raised in a very middle class environment, the child of two middle class hardworking parents in Guatemala. She and her siblings were involved in Soccer and Swimming, music lessons, and after school Catholicism classes, while summers were spent in day camp at the grade school, art lessons, little league and pony tail, music camp, church camp, the list seems endless. Despite the schedule, the family still ate dinner together daily. By the time she reached high school, she did not always make the best decisions but she believes that she never really got into trouble because she was involved in so many activities and she also believes that the activities really enriched her lifemusic camp and sports netted her friendships that she maintains more than twenty five years later. As an adult, she had grown to appreciate her mother's...

...Writing fromSources
When writing an academic paper it is difficult to use one’s own experiences as knowledgeable support, thus one must rely on resources fromothers. These sources are typically found in the written form, books, periodicals, journals, or even on the Web. If the source used is not valid the essay will not be credible. Consequently, it is imperative that each source is evaluated to determine its credibility (Spatt, 2011). This paper will induce that Wikipedia is not a credible source of information for academic writing as debated by Team A by presenting both sides of the debate, providing a complete account of the argument, citing support, and providing fair presentation through identifying the criteria used to evaluate credibility of sources.
Prior to outlining Team A’s debate, it is important to note the criteria of an academic source. An academic source as stated in Writing fromSources 8th ed. (2011) must possess the following: credentials of the author, which includes specialization in the field or topic; impartiality, which includes keeping bias within reasonable limits; proper style and tone, which includes open-minded and purposeful approach; and currency, which includes relevance and up-to-date information. In addition, “academic sources are...

...﻿JOY FROM PEACE WITH OTHERS
I. Introduction
In today’s society, it is an “all about me” world. Everywhere you turn, from TV commercials to t-shirt messages to Facebook, the sentiment is the same to “do whatever you want” or “look at me” or just “pamper yourself-you deserve it.” The world tells you to promote yourself and your desires. There is no focus to help others or strive together with others. Despite all of this self-gratification, many people, including some Christians, are surprisingly unhappy and depressed. The reason for their unhappiness is that they are searching for joy in all the wrong places. In the book of Philippians, Paul writes to the Philippians about the joy they can have when trusting Christ in life’s circumstances. There are many ways that a person can experience true joy. One of the simple principles for true joy, found in Philippians 2:1-4, is being at peace with others. It is impossible to have peace with others if we are not of one mind and we are focusing on ourselves. We must be united, following the example of Christ in humility and caring for others.
II. The Basis and Purpose of Unity- 2:1
Paul wanted the Philippians to live together in unity. He begins chapter two by asking rhetorical questions to give the basis of his exhortation to the Philippians. These give the bonds of unity in the Gospel. Why should they be united...

Study Tools

Company

Follow

{"hostname":"studymode.com","essaysImgCdnUrl":"\/\/images-study.netdna-ssl.com\/pi\/","useDefaultThumbs":true,"defaultThumbImgs":["\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_1.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_2.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_3.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_4.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_5.png"],"thumb_default_size":"160x220","thumb_ac_size":"80x110","isPayOrJoin":false,"essayUpload":false,"site_id":1,"autoComplete":false,"isPremiumCountry":false,"userCountryCode":"US","logPixelPath":"\/\/www.smhpix.com\/pixel.gif","tracking_url":"\/\/www.smhpix.com\/pixel.gif","cookies":{"unlimitedBanner":"off"},"essay":{"essayId":34702915,"categoryName":"Organizations","categoryParentId":"3","currentPage":1,"format":"text","pageMeta":{"text":{"startPage":1,"endPage":3,"pageRange":"1-3","totalPages":3}},"access":"premium","title":"Discuss with Illustrations 6 Items Chargeable Under the Head \u0022Income from Other Sources\u0022","additionalIds":[17,9,27,2],"additional":["Literature","Entertainment","Sports \u0026 Recreation","Awards \u0026 Events"],"loadedPages":{"html":[],"text":[1,2,3]}},"user":null,"canonicalUrl":"http:\/\/www.studymode.com\/essays\/Discuss-With-Illustrations-6-Items-Chargeable-648100.html","pagesPerLoad":50,"userType":"member_guest","ct":10,"ndocs":"1,500,000","pdocs":"6,000","cc":"10_PERCENT_1MO_AND_6MO","signUpUrl":"https:\/\/www.studymode.com\/signup\/","joinUrl":"https:\/\/www.studymode.com\/join","payPlanUrl":"\/checkout\/pay","upgradeUrl":"\/checkout\/upgrade","freeTrialUrl":"https:\/\/www.studymode.com\/signup\/?redirectUrl=https%3A%2F%2Fwww.studymode.com%2Fcheckout%2Fpay%2Ffree-trial\u0026bypassPaymentPage=1","showModal":"get-access","showModalUrl":"https:\/\/www.studymode.com\/signup\/?redirectUrl=https%3A%2F%2Fwww.studymode.com%2Fjoin","joinFreeUrl":"\/essays\/?newuser=1","siteId":1,"facebook":{"clientId":"306058689489023","version":"v2.9","language":"en_US"}}